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New Report Paints Mixed Picture of Consumer Debt

In Uncategorized on August 23, 2010 at 9:29 am

The Federal Reserve Bank issued a report that paints a mixed picture about consumer debt. People are no longer spending like they used to. Overall debt is dropping. That’s the good news. But people are having a difficult time getting rid of the debt they have. In the U.S, the average debt per person is $49,000. Foreclosures and delinquent payments are on the rise. Many people had to file bankruptcy to deal with their debts. Consumer bankruptcies jumped in the last quarter by 34%.

Added to high unemployment and a slowing recovery, the outlook for consumers is not encouraging. Expect expect to see even more bankruptcies for the remainder of the year.

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